Testing the "Catching up with the Joneses" Model with Consumption Externality in Japan

The purpose of this paper is to test Abel's (1990, 1999) "Catching up with the Joneses" model with a consumption externality using Japanese financial data. It is found that the model is rejected in Japan when it is estimated using generalized empirical likelihood (GEL) estimators.

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Year of publication:	2011
Authors:	Noda, Akihiko
Published in:	Economics Bulletin. - AccessEcon, ISSN 1545-2921. - Vol. 31.2011, 2, p. 1648-1658
Publisher:	AccessEcon
Subject:	Habit Formation \| Consumption Externality \| GEL

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Extent:	application/pdf
Type of publication:	Article
Language:	English
Classification:	G1 - General Financial Markets ; E2 - Consumption, Saving, Production, Employment, and Investment
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009643977